The search was halted after two days by the US Coast Guard and other rescuers.
According to Delaware State Police, commercial watermen in the Delaware Bay found a man's body on Tuesday about a mile offshore close to Bowers Beach in Kent County, Delaware.
The man's identity and cause of death were ascertained by medical examiners.
On Thursday, Delaware State Police verified the man's identification.
According to family members, Oliver was a seasoned oysterman from Millville who lived his entire life on the water.
Friends and family searched the bayshore for him for days.
According to his relatives, Oliver had publicly discussed the risks associated with working on the water and voiced concern about going overboard and disappearing.
Oliver's loved ones expressed their want to bring him home and find some closure as the search and chances of finding him alive waned.
The Bonanza II charter fishing boat crew, the Downe Township Fire/Rescue and Dive Team, and the boaters who located Oliver and stayed with him until police arrived were all commended by the family for their early assistance in the search.